The company has drilled its first wells and is moving ahead with plans to drill more. The company recently announced that it had reached a production milestone of 100 boe/day in April.

Will McAndrew, CEO of Amazing Energy stated, "We are very excited with the progress of our production as we continue to perform reworks, completions and our drilling program, announced in January 2018. We have an aggressive oil and gas exploration and production plan within defined sections of the rights within the 70,000-acre leasehold focus area."

"If we factor in both the economics of these wells and the favorable leasehold agreement that Amazing has, I don't expect shares to stay low for long." - Keith Kohl, Pure Energy Trader

On May 14, Amazing announced that the company plans to initiate in the next several weeks a chemical squeeze program "around the outer perimeter of Section 91 where the company previously initiated drilling, completion and production operations." The company says the program "should allow for improved fluid entry on existing wells targeting the Queen formation."

"We expect to spud a new well within the next 90 days and build on our recent success while expanding our knowledge and production of the Queen A and B and other formations. With the results from our most recent well, we are now looking closely at potential production from drilling horizontal wells in the San Andres formation utilizing the data from Haliburton's new RockVision logs," McAndrew noted.

The company has also stated that it has "accomplished increased drilling efficiencies with each new well and expects the trend to strengthen in the coming year as the play matures. Further innovation using the latest drilling techniques are expected to decrease operational costs as production increases."

Amazing's goal is to drill and complete or re-work three additional wells per month by the end of the third quarter of 2018.

The bigger picture is also promising. A March 2017 report from Baker Hughes projected $15.3 Billion Probable Reserves on all of its acreage.

Within Amazing Energy's rights within the 70,000 acre leasehold of Permian Basin land holdings, there could be thousands of new drilling sites. Making matters even more interesting is that Amazing’s land is near the prolific Yates Oilfield, which has produced more than 1.6 billion barrels of oil. The Amazing land is also stacked pay, so it may be possible to extract oil from multiple zones.

Keith Kohl, writing in Pure Energy Trader on May 3, noted that Amazing "expects that it will be drilling and completing, or re-working, at least three additional wells per month by the end of the third quarter. Furthermore, Amazing also plans to spud a new well within the next 90 days and build on its latest success. I'm still shocked the market hasn’t caught on yet. If we factor in both the economics of these wells and the favorable leasehold agreement that Amazing has, I don't expect shares to stay low for long."

Technical analyst Clive Maund wrote in a March 17 article about the company, "the prospects for this stock are very bright. . .holders should stay long and it is viewed as an immediate strong buy again here." Amazing has 48.4 million shares in issue, of which the float is about 22 million.

Bob Moriarty of 321 Goldnoted on March 7 that "with a market cap today of under $50 million, the company price doesn't reflect the future value. Look for more and more news flow. And oil flow while they are at it."

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CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None.